Suzhou Ribo Life Science Co., Ltd. (6938) and its subsidiary Ribocure Pharmaceuticals AB reached an exclusive worldwide licensing agreement on February 11, 2026, with Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL). The collaboration centers on six pre-clinical small interfering RNA (siRNA) programs aimed at treating metabolic dysfunction-associated steatohepatitis (MASH).

Under the agreement, an upfront payment of US$60 million is established, with total cumulative milestone payments reaching up to US$4.4 billion if specific development, regulatory, and commercial milestones are met. The deal also includes potential royalties on net sales. The agreement leverages Suzhou Ribo's RiboGalSTARTM platform, aiming to provide more targeted and effective treatments for MASH patients.

The transaction is expected to enhance the pipeline of both parties in addressing MASH, a liver disease that can progress to cirrhosis, liver failure, and a higher risk of mortality. There is no assurance that the transaction will be completed, and certain conditions still need to be fulfilled. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.